Canadian auto parts maker Martinrea International Inc. faces a possible court challenge from former vice-chairman Natale Rea, whose is alleging that certain directors and senior officers have breached their fiduciary duties.
Martinrea, which disclosed Friday that Mr. Rea’s employment had been terminated in June, 2012, said it hadn’t a received the formal statement of claim.
“While the company has not had a chance to review the claim or allegations, it will review same and respond appropriately in due course,” it said.
“The board will continue to act in the best interests of its shareholders and fulfill its fiduciary obligations.”
Mr. Rea had been a director and executive of the company from 2002, when the predecessor company acquired Rea International for about $200-million.
A news release issued Thursday on behalf of Mr. Rea and his company, Rea Holdings Inc., said he and other shareholders may seek a special meeting to remove the current directors and elect a new board.